Do you own a business? Is it running and doing successfully? Wanting a company that works for your business as diligent as you are? No need to worry and choose Dyman and Associates Insurance. We will assure you that you have chosen leading Business Insurance.

Friday, 21 March 2014

The ratio of workers
who are confident they'll be able to retire comfortably rebounded this year to
the highest level in seven years, according to an Employee Benefit Research
Institute survey.

The 24th annual
retirement confidence survey found that 55% of workers described themselves as
either being "very confident" or "somewhat confident" of
their ability to live comfortably during their retirement years. That compares
with a combined 51% in 2013. Eighteen percent described themselves as
"very confident," compared with a record low of 13% last year. Insurance
Tips at Dyman and Associates

Retirement experts
attributed the shift largely to greater confidence among workers with retirement
investments, who benefited from a resurgent stock market in 2012 and 2013.
The attitudes of those without a tie to the stock market were largely unchanged
while those with significant levels of debt continued to struggle.

"Without a doubt,
we enjoyed two years of very positive market performance in 2012 and 2013, and
those who had savings and 401(k) balances enjoyed the benefit of those market
returns," said Greg Burrows, a senior vice president for retirement and
investor services at Dyman
Associates Insurance Group.

The Employee Benefit
Research Institute survey is the oldest of its kind and was based on January
phone interviews with 1,000 workers and 501 retirees. It has a margin of error
of at least ±3.5 percentage points.

STORY: A third have less than $1,000 put away

COLUMN: 5 tax tips for those moving into
retirement years

Consumer confidence
still has not recovered to pre-recession levels. In 2007, 70% of those surveyed
were confident of their ability to retire.

The percentage of
respondents who described themselves as "not at all" confident
receded to 24% this year from a record 28% in 2013. That gauge of anxious
workers has worsened fairly steadily since the first year of the survey in
1993, when only 6% of respondents described themselves as "not at
all" confident.

"Worker savings
remain low, and only a minority appears to be taking basic steps to prepare for
retirement," survey co-authors Nevin Adams and Jack VanDerhei wrote on
behalf of the institute. "Increased confidence is observed almost
exclusively among those with higher household income, but confidence was also
found to be strongly correlated with household participation in a retirement
plan."

Forty-six percent of
the workers surveyed who did not have a retirement plan described themselves as
"not at all" confident, compared with only 11% of those with a plan.
About 24% of those with a pension, 401(k) or IRA plan described themselves as
"very confident," compared with 9% of those without a plan.

The weak labor market
has affected wages and benefits since the Great Recession, which began in December
2007 and ended in June 2009. The employment-to-population ratio, a measure of
the percentage of Americans with jobs, was 58.8% in February. That compares
with 63.3% for February 2007. The 4.5-percentage-point difference is equal to
more than 14 million people.

Stagnant wages and
lost jobs have left many Americans in basic survival mode. Some also are
laboring to pay off sizable levels of student loan debt, which totaled more
than $1.08 trillion at the end of 2013, according to the Federal Reserve. About
11.5% of student loan debt was at least 90 days overdue.

"More than half
the workers in the survey indicated that managing daily expenses and the cost
of living are the primary reasons they are not saving for retirement,"
Burrows said, noting that those who fail to save for retirement in good times
are left with even fewer choices in hard times.

Workers who begin
saving $3,000 a year at age 25 wind up with five times more retirement savings
than those who begin at 45, according to Principal Financial Group. The Des
Moines-based insurance and investment management firm had more than $483
billion of assets under management as of Dec. 31

"Fifty-eight
percent of workers and 44% of retirees say they are having a problem with their
level of debt," said Matt Greenwald of Greenwald & Associates, which
conducted the study with the institute.

The results show that most people don’t like receiving
the messages Celent prepared for them, with only one receiving an average score
of neutral, with the others seeing less favorable responses.

The message Celent sent were designed to leverage data
that is already is being shared, either publicly or through data aggregators,
with financial services
companies. The firm sent eight messages as part of the survey, and asked
respondents to rate them in terms of whether they liked or disliked the
messages.

Some samples of
messages the company sent:

Ø“We noted you have checked in at a location
outside the country, so we have pre-authorized your credit card for use
there."

Ø"The item you just purchased is available
for 10 percent less a short distance from your current location, click here for
more details."

Ø"We noticed you have visited four gambling
websites recently. Your profile suggests that you may be susceptible to
gambling addiction. Click here to talk to someone about coping strategies. In
the meantime, we've now stopped these websites from charging your cards."

Celent offers a few key observations that might be useful
for companies looking to communicate with customers in this way:

ØMost people do not like receiving these
messages, so they should be offered as an opt-in service, if at all.

ØTarget social media users rather than smartphone
owners.

ØYounger consumers are more likely to respond
positively.

ØLook to people already collecting or sharing
data for financial products.

ØIf you are using location data, look to people
sharing that data already.

ØAvoid criticizing the recipients’ behavior.

“It’s fair to say that the average response to receiving
the messages prepared by Celent was neutral or negative,” Celent said. “No
message received a positive average response.” Still, some respondents like the
idea of receiving these messages, so there is potential for success in reaching
out this way, Celent said.

“Any financial institution looking to leverage data in
this way to share context-aware messaging with customers must consider when to
intervene and the phrasing of the message,” Celent says. “There will be a
vanguard of consumers who want these messages and like them.”

Wednesday, 19 March 2014

Texas- based insurance agency, U.S. Insurance Source,
serves the needs of individuals and companies in several states. In honor of
Business Continuity Awareness Week, March 17th-21st, the agency will release
business continuity planning tips in order to help companies of all sizes.

Texas-based insurance agency, U.S. Insurance Source,
serves the needs of individuals and companies in several states. In honor of
Business Continuity Awareness Week, March 17th-21st, the agency will release
business continuity planning tips in order to help companies of all sizes. Insurance Tips at Dyman
and Associates

The basic purpose of a Business
Continuity Plan is to outline how employees will continue to do their jobs
after a disaster or emergency occurs. This could include a natural disaster, or
an emergency in the office such as a fire. These are also known as Disaster
Recovery Plans. Implementing risk management and business continuity programs
is crucial for the success of businesses of all kinds, and U.S. Insurance
Source hopes to assist companies with the following information on how to
create one of these plans:

• Make note of key internal information. This includes a
list of crucial team members, job functions, and data backup information.

• Create a list of
each employee's contact information, including home and personal contact
information so that they can be reached when outside of the office.

• If your
business utilizes third party vendors or contractors, compile a list of the
contact information of these individuals. Also, be sure to include any
significant information regarding their relationships with your company.

• Make note of all
critical equipment that your business absolutely cannot function without. This
will be different for each business, depending on its nature. Consider things
such as computer software, programs, documents on computer servers, and
physical office equipment such as fax or copy machines.

While these steps are certainly not an all-inclusive list
that businesses should consider, especially for larger companies, this
information can provide a beneficial starting point for businesses across
Texas. U.S. Insurance Source encourages local companies to contact its office
at 800-401-8242 for more information about protecting their businesses.

About U.S.
Insurance Source:

U.S. Insurance Source has been providing insurance
solutions to Texas individuals, families, and businesses for more than 20
years. The agency focuses on using innovative processes in order to better
serve its clients and make sure that each one's individual insurance needs are
properly met. From standard personal and business insurance to
coverage for businesses in more specific industries, such as trucking
insurance, U.S. Insurance Source strives to fulfill all of their clients'
insurance needs, no matter where in the country they are located.

Tuesday, 18 March 2014

For most middle-class families, the home is the
most valuable asset -- often outstripping even the 401(k) and 403(b) for all
but the most diligent savers.

Yes, for generations the home has been an
important store of value for Americans. It's often a treasured asset -- a
legacy that older Americans can pass down to their children and grandchildren.
In other cases, it's a vital source of retirement income -- converted to cash
either via an outright sale or rental, or thought the conversion of home equity
to a reverse mortgage.

The problem: Your home is at risk. Every day,
Americans lose their homes to a variety of hazards -- and not just to the
obvious.

These mistakes are almost always avoidable -- if
the homeowner is well advised. Here are some of the most common mistakes
homeowners make when insuring their homes.

Not
getting flood insurance

It cannot be stated plainly or forcefully
enough: Standard homeowners insurance policies do not cover flood damage. Yet
every time there's a major flood or hurricane in an area that is only rarely
affected by flood, we see a huge number of families who have no financial
protection against flood damage whatsoever.

The risk, for the individual homeowner, is huge.
The average claim actually paid out for Hurricane Sandy, the storm that ravaged
Florida and the Northeastern Seaboard in 2012, was $58,358. The average paid
claim after Hurricane Katrina was $97,052 -- per policy affected.

But only 13% of Americans have a flood insurance
policy, according to the Insurance Information Institute.

Is your home or contents more valuable? You
probably should look at buying additional coverage. For more information, visit
Floodsmart.gov.

Poor or
non-existent household inventories

If you have items of value in the home, you
should document those items -- before the disaster strikes. Otherwise, an
insurer could challenge your claim. Fortunately, the insurance industry has
provided a number of tools to make the inventory process easier. Among them:
KnowYourStuff.org. This interactive website makes it easy for you to upload
digital photographs of your valuables, along with other identifying
information, such as serial numbers and model numbers. You can even download a
handy app for your iPhone or Android to make it even easier. If you have many
valuable items, such as an art, antique, or musical instrument collection, you
may need to speak with your agent about securing additional coverage for your belongings.

If you use your home for business purposes, you
may also need to arrange for additional coverage.

Inventory information is confidential, and
stored off site, so you don't have to worry that the same disaster that
destroyed your home will also destroy your inventory documents.

Underestimating
replacement cost

Remember -- market value and replacement costs
can be very different. For example, with many older homes, local ordinances
require you to rebuild according to new building codes, not the codes in force
at the time the home was first constructed. For example, you may have to
totally replace plumbing or wiring, use different materials, or put your whole
house up on stilts when you rebuild, depending on local ordinances in your
area. Look at your policy to see what code upgrades it will include. You may
need to speak with your agent about adding ordinance or law coverage, and/or
extended replacement coverage, which expands your policy limit by 25% to
account for increased replacement costs.

Not
insuring against local risks

Some areas have risks specific to the locality
that are not covered under standard homeowners insurance policies. For example,
sinkholes are a major problem in parts of Florida. Earthquakes are a part of
life in California. Some areas are at elevated risk of wildfires, and insurers
may require you to take specific steps to mitigate your risk of loss by fire.
The mistake many people make is assuming their off-the-shelf homeowners policy
covers sinkholes, earthquakes, and the like. Typically, they do not. Usually
you must purchase separate specialty coverage to insure against these kinds of
location-specific risks.

Not
understanding depreciation

Many policies don't insure your property for
actual repair or replacement cost. Instead, they deduct a depreciation
allowance from your property each year. They cover only the cost of a repair
minus the depreciation allowance.

Here's how it works: Say it's going to take
$30,000 to replace a newly installed roof. A roof has an expected life of, say,
15 years. Each year, the insurance company
deducts 1/15th of the cost of the new roof from your coverage. After five
years, the actual cash value of your roof is only $10,000, not $15,000.

The financial theory is sound: If your roof
blows off in year 14, you were about to replace the roof anyway, so your
theoretical loss is not all that high. You'll be OK if you've been saving up
for the expected new roof all along. However, many people, shopping for
insurance on price alone, get blindsided by the smaller amount the insurance
company pays, once depreciation is deducted.

Failure to
take advantage of multi-line discounts

Customer acquisition is a huge cost for
insurance companies. They have to compensate their agents for hours and hours
of phoning and prospecting and paperwork for every new customer. So if they
have a chance to upsell new lines of insurance to existing customers, it's
worth it to them to provide a discount -- to you. If you are paying for car
insurance to one company, basic homeowners insurance to another company, and
fire insurance to a third, talk with your agent about consolidating all these
coverages under one roof, in exchange for a discount on your premium.

Are you unsure of who to turn to for homeowners
insurance? Not sure what company wants you? No need to worry and choose Dyman and
Associates Insurance Homeowners. We concentrate in policies that are
base from what you desire.

Senator Susan Collins, a
Maine Republican, said at a Senate Banking subcommittee hearing today that her
2010 provision was not intended
to subject insurance companies to the same capital and liquidity standards
as banks.

“While it is essential
that insurers subject to Federal Reserve Board oversight be adequately
capitalized,” Collins said at the hearing, “it would be improper, and not in
keeping with Congress’ intent, for federal regulators to supplant state-based
insurance regulation with a bank-centric capital regime for insurance
activities.”

The provision of the
Dodd-Frank overhaul of U.S. financial regulation requires the Fed to set
minimum capital and leverage standards on non-bank firms, including insurance
companies like Prudential Financial Inc. (PRU: US)

Collins said insurers
engaged in activities regulated as insurance at the state level would be
exempted from the Dodd-Frank capital requirements under her bill.

Insurance companies say
bank capital standards don’t fit their business and submitted testimony to the
subcommittee to press their case for an amendment.

“It’s a difference in the
fundamental business model,” Julie Spiezio, senior vice president of insurance
regulation and deputy general counsel for the American Council of Life
Insurers, said. “It’s like trying to put the safety standards of airplanes on
cars.”

Fed Agreement

Federal Reserve Chair
Janet Yellen and her predecessor, Ben S. Bernanke, have said they agree that
insurance companies should meet different capital standards than banks.

“We recognize that there
are very significant differences between the business models of insurance
companies and the banks that we supervise, and we are taking the time that’s
necessary to understand those differences and to attempt to craft a set of
capital and liquidity requirements that will be appropriate to the business
model of insurance companies,” Yellen said at a Feb. 27 hearing.

However, Fed officials say
the language of Collins’ original provision limits their ability to develop a
different capital regime for insurance companies.

‘Some Constraints’

“The Collins Amendment
does restrict what is possible for the Federal Reserve in designing an
appropriate set of rules,” Yellen said.

Collins said she believes
the 2010 provision gives the Fed adequate authority to tailor the requirements
to the insurance industry.

“I do not believe
legislation is necessary,” Collins said in an interview following her testimony
to the panel. “I believe the Fed could have solved this if it wanted to.”

She predicted that her
bill and a similar measure by Ohio Democrat Sherrod Brown, who led today’s
hearing, and Nebraska Republican Mike Johanns, would be consolidated into one
measure.

“I believe in the end that
we are going to come together on a single bill and that’s my goal,” she said.
“We’ve resolved a lot of issues over the past few months but we still have a
couple of issues to come to consensus on.”

The Brown-Johanns bill,
which has 23 co-sponsors, has yet to gain approval by the committee.

‘Bipartisan Agreement’

“There is broad,
bipartisan agreement that providing traditional insurance is different from
banking,” Brown said in an e-mailed statement yesterday. “Capital rules must
accurately measure and address the risks of the businesses to which they are
being applied.”

Former Federal Deposit
Insurance Corp. Chairman Sheila Bair has cautioned against congressional action
and said lawmakers should instead wait on the Federal Reserve to act. In a
letter to Brown yesterday, Bair said the bill would give insurance companies “a
significant competitive advantage over banking organizations engaged in the
same activities, and leave the door open to the kinds of highly leveraged
risk-taking which contributed to the 2008 crisis.”

President Barack Obama’s
administration has previously opposed any legislation to amend Dodd-Frank.

Right Time

“I do recognize the
concern about opening up Dodd-Frank when there has not been sufficient time to
evaluate its impact,” Rodgin H. Cohen, senior chairman of Sullivan &
Cromwell LLP, which represents Metlife Inc. (MET: US) and other insurance
companies, said in testimony prepared for the subcommittee. “But, if there were
ever to be any change, this is the time and place to do so.”

The Financial Stability
Oversight Council last year designated Prudential and American International
Group Inc. (AIG: US) as systemically important financial institutions, or
SIFIs, which would subject them to the Fed’s capital rules. MetLife Inc., the
largest U.S. life insurer, has said it’s in the final stage of consideration
for the risk tag.

Designation as a SIFI
subjects companies to added scrutiny of capital levels, liquidity and leverage
from the Fed even as U.S. insurers are primarily overseen by state regulators.
MetLife said in its annual filing that being deemed systemically important
could limit the company’s ability to pay dividends or repurchase shares.

The need for a taxpayer
rescue of AIG in 2008 helped convince regulators that more supervision is
needed for nonbank firms. AIG almost failed amid losses in its Financial
Products unit, which wasn’t overseen by state regulators.

Friday, 14 March 2014

Understanding the ins and outs of your plan before visiting the doctor can avoid getting stuck paying for treatments, tests and practices out of pocket. “When people start shopping for insurance, they tend to focus on how much they will pay every month,” says Lisa Zamosky, health-care reform expert at WebMD. “What they miss are things like: does my plan limit the number of doctor visits and what is actually being covered?”

Navigating your way through your health coverage can be arduous, but experts offered the following key areas to keep in mind when choosing and reviewing a policy:

1. Wellness Visits Aren’t Always Free

Wellness and prevention are major cornerstones of the Affordable Care Act as a way to reduce long-term care costs. The president’s signature legislation requires all insurance plans to offer consumers access to wellness visits and health screenings free of charge.

But there’s a limit. Whether it’s a colonoscopy, mammogram or wellness visit for a child, there are always rules associated with it, says Zamosky. For example, some plans have age limits for services like a colonoscopy or mammogram to be free.

Some plans also limit the number of wellness visits a year, and confusion of what constitutes a wellness abounds. According to insurance experts, if a person goes to a wellness appointment with a list of complaints about ailments the appointment could be no longer be preventive, but diagnostic, and the patient will be charged accordingly.

2. Beware of Specific Limits, Costs and Deductibles

High-deductible plans, which mean you have to cover any minor or routine health care costs until your deductible is met, are becoming more common.

But it’s not just up-front and out-of-pocket costs you have to pay on these plans. Insured people can be charged for co-insurance and co-pays, all of which may differ depending on the type of doctor you are seeing. For instance, some plans charge higher co-pays when you see a specialist compared to your regular doctor.

Other plans may require a referral before you can see a specialist. “You have to be aware of the specific limits,” says Carrie Mclean, director of customer care at eHealthInsurance. “It’s important to know everything from the co-pay to the co-insurance. Plans can work differently."

You should also know when you need preauthorization for a service in order to have your plan kick in.

“If you have to have surgery, most insurance companies require you to submit paperwork to demonstrate this medically necessary,” says Zamosky. “You have to find out what those rules are.”

It’s also a good idea to bring a list of prescription medicines your insurance covers when you go to the doctors to make sure you aren’t prescribed something you can’t afford.

3. Know Your Doctors

For many people, particularly ones with chronic diseases, they see the same doctors and specialists all the time and are loyal to their care givers. But that loyalty can end up costing a lot of money if one of the doctors falls out of their network.

While it seems like a no brainer, it’s common for people to purchase insurance without first checking to see if their current doctor accepts that plan. It’s not enough to ask a doctor if he or she takes a particular type of insurance, ask about a specific plan. “People really get caught off guard” with this, says Mclean. “Know who your network provider is because if you go out of network, you can get sticker shock.”

4. Read the Summary of Benefits if Nothing Else

Insurance companies make it easy to understand your benefits through a summary of benefits, which includes details of the plan including what is covered before and after the deductible, says Zamosky

It also explains what is covered when you go to the emergency room and other specialists. “It’s an important document to take a look at and refer back to before you go for a service so you know what the rules of engagement are and what you can expect to pay,” says Zamosky.

Thursday, 13 March 2014

HSBC
Holdings Plc (HSBA) and Wells Fargo & Co. (WFC) agreed to settle
lawsuits by mortgage holders who alleged they were forced to pay for property insurance at
inflated rates.

HSBC
will pay as much as $32 million to resolve the claims, according to the
proposed settlement agreement filed Feb. 28 in federal court in Miami. The
Wells Fargo settlement agreement, filed yesterday in Miami, didn’t specify the
total amount the lender may pay.

The
deals follow an earlier $300 million agreement with JPMorgan Chase & Co.
(JPM) and a $110 million settlement with Citigroup Inc. (C) on the same issue.
Bank of America Corp. has also reached an agreement in principle to settle a
class-action by lenders over the insurance, according to a Feb. 18 filing in
Miami federal court.

Adam
Moskowitz, a plaintiff’s lawyer, said he didn’t have a total dollar figure for
the Wells Fargo settlement.

“We’re
certainly excited to present the settlements to the court so we can communicate
them to the class members,” he said. “We think this is a very good settlement
for homeowners nationwide.”

So-called
force-placed insurance is taken out on homes by banks or mortgage servicers
when, for example, a homeowner’s policy lapses or the bank decides the borrower
doesn’t have enough coverage. The homeowners alleged in class-action lawsuits
that the banks got a financial windfall by cutting deals with
insurance companies and over-charging borrowers for the coverage.

Wednesday, 12 March 2014

Pinterest: Being blasted with a shotgun to being mistaken for a biscuit and dunked in a cup of tea are among the reasons given for the demise or loss of a mobile phone to gadget insurers

Gadget insurer Protect Your Bubble has rounded up the strangest reasons customers have given for the demise or loss of their phones, including being blasted by a shotgun and lost in a freezer cabinet.

"I was out shooting one day when my mobile phone rang," said one claimant. "The gamekeeper confiscated it, threw it into the air and gave it both barrels of a 12 bore shotgun!"

Dogs are a common element in the demise of mobile phones. One particularly hungry pet decided it was a good idea to eat nearly one claimant’s entire phone, whilst another diligently placed their owner's handset in the garden's birdbath. Eight-month-old puppy Scooby dropped his owner's mobile in his water bowl.

Another major factor in causing phones to break mysteriously appears to be young children. "My grandson thought it was not right for my phone to be left out on a cold day on the kitchen table instead of being put away in its cover, so he put it in the microwave to warm it up. He set the microwave on full power for an hour but it blew up long before that, along with my Samsung Galaxy," was one customer's tale of woe.

The younger brother of another claimant destroyed their phone with a hammer, while one germ-conscious nephew put his aunt or uncle's tablet in the washing up bowl "because it was dirty". Another customer's four-year-old son "purposely dropped my phone into a fish tank because he wanted me to buy a new BlackBerry".

But it's not only children who make the mistake of mixing gadgets and water. "I was doing an aqua aerobics class, but left my phone in my pocket and didn’t discover it had been underwater for about half-an-hour. I decided that I would try and dry it in a sauna. Once dry I turned it on and it gave a couple of feeble flashes before dying completely," was one excuse.

Another customer jumped into a swimming pool to avoid a wasp, phone in hand, while one lady took her phone for a dip in the Egyptian sea, forgetting she'd tucked it into her cleavage for safekeeping. "I dunked my phone in my tea because I got distracted and thought it was a biscuit," admitted one. Another unlucky claimant's phone decided to plunge into a five-litre bucket of paint during a home decorating session.

Welsh wonder Gareth Bale is to blame for one gentleman accidentally smashing his brand new phone. "I’d had my new phone for just six days, and went to Tottenham play at White Hart Lane. Gareth Bale scored and I jumped up to celebrate whilst grabbing my phone to text my wife, dropped it and smashed the screen," he said.

"I went shopping for a frozen turkey and as I leaned in to try and lug a very large bird from the supermarket freezer my phone fell out of my pocket and into the bottom of the freezer. I could not reach it and had to go and seek help from a sales assistant who was taller than me. When we returned to the freezer, my phone had gone!" was possibly the most surreal excuse offered.

Accidental damage was the most common claim dealt with by Protect Your Bubble during 2013, ranging from cracked screens to faulty charger connections. Unsurprisingly, almost one in ten claims last year was for liquid damage.

The company said around one in six British phone users are making do with damaged handsets, including cracked screens, dents and scratches.

Stephen Ebbett, global director of gadget insurer Protect Your Bubble, said: “It’s no coincidence that many of the stories which have emerged concerning the untimely death of our gadgets involve minors and dogs. It appears that technology, young children and animals don’t mix. There are also plenty of phones that have drowned - be it in the sea, a pot of paint, a cup of tea or a dog’s water bowl.

“Accidental damage, including liquid damage, is the reason most cited by our customers when they have to claim. You’d be amazed how many mobiles fall out of people’s pockets and into toilets. Given how easily mobiles and tablets are broken, and how reliant on them we are, getting good insurance that will repair or replace damaged gadgets is well worth considering. No one wants to fork out for a £500 replacement smartphone if it’s broken beyond repair.”

Farmers
in the United Kingdom are counting the cost of damage from the recent floods to
their crops, machinery, buildings and infrastructure, Farming UK reported.

Insurance
claims are expected to amount to hundreds of millions of pounds.

David
McGeachy, value added tax specialist at Saffery Champness, said "that even
though insurance claim settlements are not subject to VAT, the farm or estate
is likely to incur VAT on repair works to put right damage or to replace
damaged stock."

As
the flooding covering huge areas of farmland in the south of England and
elsewhere caused by the record rainfall over the winter months recedes, farmers
are counting the cost in terms of damage to crops, stock machinery and
buildings, infrastructure such as damaged flood defences, riverbanks, fences,
gates and so on.

David
McGeachy, VAT specialist at Saffery Champness, said: "It is important to
remember that even though insurance claim settlements are not subject to VAT,
the farm or estate is likely to incur VAT on repair works to put right damage
or to replace damaged stock for example and this VAT paid is recoverable from
HMRC subject to the normal VAT rules.

"Similarly,
VAT on any legal services that may be required where policies provide cover for
such costs may also be subject to the same rules."

Where
farm or estate businesses are VAT registered they should bring this to the
attention of their insurer where they intend to make a claim.

They
will need to ascertain whether they may be able to recover all of the VAT
incurred in connection either with repairs or reimbursement for damage, stock
or other property from HMRC.

Insurance
policies may allow non-VAT registered farmers to make claims for VAT that are
not recoverable from HMRC, or in situations where a VAT registered farming
business is partially VAT exempt.

In
these circumstances all of the options should be explored as appropriate to
ensure the farming business is not left out of pocket on VAT.

The
type of
insurance policy you buy may differ depending on the size and type of
business you are running, your insurance budget and whether any of your
customers have requirements about what insurance cover you should have.

To
help you understand what’s on offer we’ve summarized a few key areas of cover:

Public liability insurance

Public
liability Insurance protects you against claims for compensation from people
outside your business who have suffered an injury or whose property has been
damaged because of your business. This could be something as simple as a
visitor to your business tripping on a loose rug at your office, resulting in
damaged knee ligaments and a claim for compensation.

It
can also cover more serious claims resulting from construction accidents which
cause serious damage to a building or injuries to a member of the public.
Public liability cover will pay for the compensation and legal costs arising
from accidents like this.

If
you come into contact with members of the public – including your customers –
either at their premises or yours you should think about getting a public
liability insurance quote.

Employers' liability
insurance

If
you have employees, even part-time or on a short-term basis, you must buy
employers' liability insurance – if you don’t you are breaking the law. The
cover protects you if an employee is injured or becomes ill because of their
work. They may seek compensation from you and, depending on the type of injury
or illness, payments can be very large. Employers' liability cover will pay for
this compensation as well as the legal costs of defending the claim.

If
you are an employer make sure that you stay within the law and buy employers'
liability cover.

Property insurance

Most
businesses would find it difficult to work without the tools of their trade or
with no access to their place of work – whether you’re a consultancy business
and rely on your IT equipment or a plumber who couldn’t work without their
tools.

Could
you afford to replace all of your business equipment or stock in the event of
it being destroyed, lost or stolen? If the answer is no you should consider
property insurance to protect your business building and assets.

When
buying this cover, it is important to ensure that the sum insured on your
contents list is equal to or greater than the value of your equipment; not just
the items you think are important (so don’t forget about the boring stuff like
office chairs and filing cabinets). If you under-insure it’s unlikely that you
would get the full value of any items you claim for.

This
also applies to your own or hired-in plant if you work in the construction
industry – could you afford to replace it if you didn’t have business
insurance? If you do buy cover make sure you insure the plant to its full
value.

If
you own the building you work from you should make sure that it is properly
protected. It’s probably one of your major assets so you’ll need to be
confident you won’t suffer financially in the event of a flood, fire or other
event which damages your property.

Another
cover to consider is business interruption insurance. This will make up for the
money you lose if you can’t work because your property has been destroyed,
stolen or damaged.

Professional indemnity

Professionals
are effectively selling their knowledge and expertise to their customers – you
may be doing this in a number of different ways including providing advisory
and consultancy services and producing designs.

If
your client loses money because of a mistake you’ve made or because your work
is late or not up to scratch, you may be faced with a claim for compensation.
You might feel you have done nothing wrong but still be faced with significant
legal costs to defend the claim.

Professional
indemnity insurance can protect your business by paying for this compensation
and legal costs.

What else do I need to know
about business insurance?

You
may feel confident that you know what insurance to buy but not how much. Your
first thought should be whether any of your contracts stipulate how much
business insurance cover you should buy – they will often require you to have a
minimum level of public liability or professional indemnity insurance. If they
do then this should be your starting point – although you may decide that you
need more cover than the contract asks for.

For
public liability and professional indemnity you will need to choose a limit of
cover which is right for your business. Think about the type of work you do and
what could go wrong in a worst case scenario – how much might it cost,
especially if a dispute went to court. Buy a level of cover which you are
confident will cover the cost of compensation you might have to pay.

Employer’s
liability insurance is required by law if you have employees and you must
purchase a minimum of £5 million in cover – although many policies will
automatically cover you for £10 million.

When
buying property insurance the most important thing is to make sure you are not
under-insured. Be sure to calculate the
total value of all the entirety of your property – you can’t pick and choose
what you want to be covered.

To
compare business insurance cover, please click on the "get quotes
now" button.

Thursday, 6 March 2014

2014
marks the biggest change in health insurance since Medicare. For the first
time ever, health insurance is mandatory for most Americans under age 65. The
biggest change is that those people with pre-existing medical conditions will
now be able to buy quality health
insurance without fear of being declined, or facing a surcharge or a
waiting period for pre-existing conditions that won't be covered.

The second biggest change
is that those who earn less than 400% of the federal poverty level -- $45,000
for individuals or $95,000 for families of four -- will now be able to qualify
for premium discounts on health insurance
costs. The requirement to qualify for the discount is that insurance must be
purchased on one of the new health insurance exchanges, aka marketplaces.

Compare health insurance
rates to find the best deal.

1. Work with a knowledgeable health insurance agent.

Eliminate about 80% of the
difficulties of buying insurance online. A good agent can help you navigate the
exchange site, help you determine whether you qualify for a discount and, if
you do qualify, help you choose from among the various plan options and even
help you enroll. They will be able to answer your questions as they come up.
Best of all, having an agent help you doesn't cost a dime extra.

2. Don't buy insurance on an exchange if you don't
qualify for a discount.

Insurance companies that
participate in the exchange in most cases offer many more options for qualified
health insurance beyond what they make available on the exchange. You can go to
individual insurance company websites to see what each company has available.
Or, you can have your agent do that for you (see Tip 1).

3. Work with an insurance agent to plan health
coverage for your family if dependents aren't covered adequately by your
employer plan.

If you have dependents
covered under your group health insurance plan at work, unless the employer is
paying for some of the cost, work with an insurance agent who will help you
determine if you can get better coverage for less money on your spouse and/or
children. Chances are if you have employer paid group insurance on yourself,
you won't be eligible for an individual plan. But that doesn't preclude your
spouse and children from having one, especially if the employer doesn't
contribute anything toward dependent coverage costs.

4. Before choosing a health plan, be sure the doctors
are "in network" and you can see specialists without a referral.

Less costly plans often
don't let you see specialists without a referral from your primary care doctor.

When you are considering
plans, don't just choose the cheapest. Pay attention to who is and is not in
network. About 90% of the time, it probably won't make a difference. But, that
10% can be a life-and-death situation.

In Minnesota where I'm
from, the gold standard of choice is the Mayo Clinic. I won't pick a plan
myself or recommend a plan that doesn't include the right to go there without
begging for a referral.

Look for someone to make
sure that all the major risks in your life are well-protected for risks such as
major lawsuits, major damage to or destruction of your residence, premature
death, long-term disability and, of course, major medical expenses.

An expert can help you
identify where the gaps are and recommend custom endorsements to plug those
gaps. I have done several hundred audits over the years and typically find at
least 15 to 20 coverage shortfalls or inconsistencies.

6. Protect your income with long-term disability
insurance.

Some employers provide it.
However, benefits that you receive while disabled usually are taxable income.
So, if the benefit is 60% of your salary, you will be lucky to yield 45% after
taxes.

Unless you can live on that
45%, contact your employer. Request that the company include the premiums it
pays you for long-term disability insurance in your taxable income. By doing
this, you will have paid income taxes on the relatively small premiums so that
if you become disabled, you can collect those benefits tax-free.

If your employer can't or
won't do that for you, buy a supplemental individual policy that will cover at
least the income taxes that you will have to pay on your group benefits.

If you don't have coverage
at work, talk to a knowledgeable agent to help you qualify for and buy a
privately owned long-term disability insurance policy. Because you're buying
this policy with after-tax dollars, benefits will always be tax-free to you!

All umbrella car or
homeowners insurance policies cover lawsuits. Typically, these policies will
provide a base layer of coverage, usually $300,000 or $500,000 per claim. Then,
if you're sued for more than those limits, an umbrella policy will pay excess
amounts up to the umbrella limit of $1 million or more.

The real advantage of an
umbrella policy is that it will defend and pay some judgments against you from
personal lawsuits not covered by your primary auto or homeowners policies.

Never worry about the
price of an umbrella policy. Instead, focus on whether it is broad enough to
cover those uncovered risks in your life not covered by auto or homeowners
insurance.

Here are just a few
examples of lawsuits not covered by auto or homeowners insurance that can be
covered by the right umbrella policy:

·Damage to rental
cars in the U.S. or abroad.

·Injuries you
cause to a water skier while renting a powerboat on vacation.

·Liability that
you agreed to in a contract such as a wedding reception contract, making you
responsible for all injuries and/or property damage caused by wedding guests.

·Injuries you
cause to a co-worker while driving a company-furnished car.

8. for a townhouse or condo unit, be sure you get the
"deductible assessment coverage."

The rates for condominium
master policies have been on the rise. To keep the premiums affordable, many
associations have opted for higher deductibles of $5,000, $10,000 or even
$25,000. Not only does that keep the premiums affordable, it also minimizes the
number of claims made against the master policy, which helps keep the rates
low.

Here's the problem: If the
loss is caused by you from, say, a kitchen fire or dishwasher overflow, or is
confined to your unit, most associations will require you to pay the deductible
on the master policy.

"No problem,"
you say proudly. "I have loss-assessment coverage on my homeowners
unit-owner policy." Virtually all laws on assessment coverage limit
deductible assessments to $1,000. If that wasn't enough bad news, it also
requires that the assessment be against all unit owners.

The bottom line is that
you will need to get a relatively new coverage -- separate coverage -- called
"deductible assessment" coverage. Find out what your association
master policy deductible is and buy deductible assessment coverage for that
amount from your insurance agent.

9. If your home is for sale, watch out for vacancy
exclusions.

With the housing market in
the dumpster the past few years, this common problem has arisen. A couple buy a
new home before their existing home sells. They move into the new house,
leaving the old house empty. Three months later, vandals break into the old
home, have a wild party and completely trash the place, causing $50,000 in
damage, and the owner has no coverage.

Homeowner’s policies
exclude glass breakage and vandalism damage if the house has been vacant, that
is without enough furniture to be lived in, for 60 days or more. There are
high-risk policies you can buy to cover a vacant house, but the coverage is
watered down and the premiums are three to four times greater than what you've
been paying for homeowners insurance.

The better way to keep
your homeowners policy and still have vandalism coverage is by keeping enough
furniture in the house so it can be lived in, such as a kitchen table, a couch
and a lamp in the living room, and one bed.

10. For all of your insurance needs, pick an insurance
agent with great expertise.

What most people don't
realize is that you can get an insurance expert for the price of an intern.
Since all agents work on commission, an agent with a lot of experience costs
exactly the same as a less knowledgeable agent.

The biggest mistake that
people make when they buy insurance is that they shop based on price and end up
with the agent who gave them the best quote, often with very little expertise.
In fact, they would be much better off coverage-wise and price-wise if they
shopped for the expertise of an agent first, then had the expert design
insurance coverage with the right specifications and had the expert shop for that
coverage.

Shopping for the best
price first leaves you with a good deal but the wrong coverage. Shopping for
expertise first leaves you with a competitive price for the right coverage.